EGX ends on negative note hurt by local institution sales
Egyptian stock exchange - YOUM7 (Archive)

CAIRO: The Egyptian Exchange (EGX) extended its bearish performance Tuesday, hammered by selling pressures from local institutions for a second consecutive session.

The benchmark index EGX 30 fell by 0.47 percent to hit 9,359 points, compared to 9,403 points Monday. The small and mid-cap index EGX70 lost 0.09 percent, registering 657 points, down from 657.8 points in the last session and the broader index EGX100 also declined 0.24 percent to reach 1,165 points.

Market capitalization shed around 800 million EGP ($111.8 million), reaching 520.6 billion EGP, and down from 521.4 billion EGP last session.

“The market tried to rebound above its major short-term resistance around 9,500 points, but due to selling pressure from the profit takers, the EGX ended lower amid mixed performance for the major stocks,” Amr el-Feky, a portfolio and asset manager at Cairo Funds Management, told The Cairo Post.

“The indicators are showing signs of weakness for short-term investors, who are advised to sell portions of their portfolio,” Feky said.

“Real estate and financial stocks disappeared in today’s session after the impressive rally they’ve had over the past two weeks. Meanwhile, the telecommunication sector showed a great performance after a long period of silence, led by the major operator Telecom Egypt and Global Telecom,” Feky added.

He continued: “The shifting began to affect the market in a slight way, which warned us about the market. We should hold and wait to see which sector will lead the market to its targets.”

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